820 Bridgewater Way SE

Conyers, GA 30094

$241,400D

3 bd · 2.0 ba · 1,292 sqft · Built 1977 · SingleFamily · Active · 289 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,981/mo
• Mortgage (P&I): −$1,266
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$416
• Net cashflow: $67/mo
• Annual: $805/yr
• Cap rate: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• 1% rule: 0.82%
• Cash to close: $67,592

Investor read

• This is a 3-bed/2.0-bath single-family listed at $241k.
• At list price, monthly cash flow is $67 ($805/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (18.0% below list).
• It's been on market 289 days — a 12% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (18.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#167 in GA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities D, commute F.
• Rockdale County (suburban): math 14% / reading 29% proficiency, ranked #136 of 174 in GA (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Honey Creek Elementary School (math 12% / reading 22%, grade F, #936 of 1,228 statewide, top 79%, 472 students, 74% FRL); Edwards Middle School (math 15% / reading 33%, grade F, #311 of 470 statewide, top 68%, 943 students, 76% FRL); Heritage High School (math 8% / reading 15%, grade F, #345 of 424 statewide, top 82%, 1,877 students, 59% FRL).
• Market conditions: Rents rising fast (+4.2%/yr); 388 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 483 units permitted in Rockdale County in 2024 (0 in 5+ unit buildings).
• Rockdale County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $24k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 4.4% in Conyers — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 289 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.